Financial Reform Passes In Senate, Long Fight Remains Ahead

The financial reform bill has passed in the Senate, which includes the Consumer Finance Protection Agency, the brainchild of Elizabeth Warren, head of the TARP Oversight Panel, Harvard law professor, and bankruptcy expert.

The fight is not over, however, and the financial services industry hasn’t stopped working hard to weaken the final bill.  Robert E. Story, Jr., Chairman of the Mortgage Bankers Association released a statement today that remains inline with previous statements:

Unless improvements are made during the Senate-House negotiations, this bill will likely bring regulations that will only further constrain credit for borrowers, make real estate purchases more expensive and drag out the ongoing turmoil in the real estate markets.

The financial services industry doesn’t like the reform bill one bit. They don’t like the fact that they face new rules that limit their ability to gouge consumers. The sad truth is they really don’t have much to fear, at least from the Senate version of the bill. While it does do some things that are good,  among them, the audit of the Fed, and the creation of the CFPA, it doesn’t reinstate the Glass-Stegall Act,  nor does it address “too big to fail.” You can bet that they’re going to fight to further weaken the CFPA, too, because after all, too much consumer protection is a BAD thing.

 

If_Anti-CFPA_Folks_Ran_Toyota_Today_by_crlonline

Source image: http://pixton.com/comic/gl8jabmu

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